Grupo Ferrovial SA has confirmed that it is reviewing the merits of a planned splitting of BAA's commercial activities away from its aviation-regulated businesses to see whether this might make it easier to restructure its

borrowings.
According to press reports, the consortium is looking at ways to try and refinance its operation to provide extra revenue to underwrite necessary expansion at several airports. This is in line with its aim of raising a bond issue of some E.1bn.
But to achieve this it believes it needs to gain more favourable ratings – and thus lower financing costs for the same – from bond issue analysts such as Standard and Poor's and Fitch and Moody's.